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Accounting Past Questions

Study and practice Accounting past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.

3,370 questions JAMB 1611 WAEC 1757 CUSTOM 2

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Past Questions

3,370 questions

Question 1 of 20 3,370 total questions

Question 671

waec 2012

The concept which establishes the rule for the periodic recognition of revenue as soon as it is capable of objective measurement is

Agoing concern

Bentity

Cconsistency

Drealization

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Question 672

waec 2012

which of the following is a component of prime cost?

Adepreciation

Broyalty

Cfactory rent

Dfactory electricity

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Question 673

waec 2012

A partner who only make capital contribution but does not take part in the management of the partnership business is a/an

Aordinary partner

Blimited partner

Cdormant partner

Dnominal partner

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Question 674

waec 2012

Which of the following is not prepared by a partnership?

Atrading account

Bprofit and loss account

Cincome and expenditure account

Dprofit and loss appropriation account

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Question 675

waec 2012

The name given to a budget in public service accounting is

Avote

Bsubvention

Cgeneral order

Destimate

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Question 676

waec 2012

Branch stock account is used to determine the

Anet value of goods sent to branch

Bgross profit of the branch

Cbranch credit sales

Dbranch net profit or loss

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Question 677

waec 2012

Osa started business with Le 40,000 cash. The accounting entry is debit

Acash account; credit capital account

Bcapital account; credit cash account

Cpurchases account; credit cash account

Dexpenses account; credit capital account

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Question 678

waec 2012

Which of the following is an example of factory overheads?

Asalary of marketing officer

Bsalary of production officer

Csalary of accounting officer

Dwages of machine operator

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Question 679

waec 2012

Capital receipt is collected

Aon sales of motor vehicle

Bon sales of stock in trade

Cfrom trade debtors

Dfrom trading activities

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Question 680

waec 2012

The addition of prime cost and factory overhead is

Atotal factory overheads

Bmarket value of goods produced

Ccost of goods produced

Dwork-in-progress

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Question 681

waec 2012

Which of the following is a trading account item?

Adiscount allowed

Bdiscount recieved

Ccarriage outwards

Dcarriage inwards

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Question 682

waec 2012

The process of entering transaction from one book to another is

Areading

Bposting

Cnumbering

Dlisting

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Question 683

waec 2012

A balance sheet shows only

Afixed assets and current assets

Bassets and long term liabilities

Cassets and liabilities

Dassets and capital

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Question 684

waec 2012

Which of the following is a book of ordinary entry?

Aledger

Bbalance sheet

Cbank statement

Dsales journal

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Question 685

waec 2012

A fixed assets fully written-down by a trader is now considered to be worth ₦5,000. The double entry required to reflect this is debit

Aasset account credit purchase account

Basset account credit capital account

Ccapital account credit asset account

Dcapital account credit profit and loss account

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Question 686

waec 2012

Which of the following is not a source document?

Ajournal paper

Bsales invoice

Cdebit note

Dcredit note

View Explanation & Discuss

Question 687

waec 2012

When closing stock is overstated, it would reduce,

Acost of sales and increase gross profit

Bgross profit and increase cost of sales

Cpurchases and increases sales

Dsales and increase purchases

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Question 688

waec 2012

Trade discounts are given for

Abulk purchases

Bprompt payment

Cquick delivery

Dcash payment

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Question 689

waec 2012

The objectively of accounting information is enable users to

Aprepre the financial statements

Bvalue stock

Cmake decisions

Dprepare budgets

View Explanation & Discuss

Question 690

jamb 2012

Determine the bank balance

AN 6,950 credit

BN6,950 debit

CN6,000 credit

DN6,000 debit

View Explanation & Discuss

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